§ 1523 — Federal taxation

(a) Allocation.--If the bonds issued by the authority for a project are tax-exempt bonds for which Federal law requires an allocation, the department may issue an allocation upon receipt of a written request by the board. An allocation must be issued by the department prior to the approval of the resolution authorizing the issuance of the bonds by the board.

(b) Approval.--If gubernatorial approval is required by Federal or Commonwealth law, the Governor may approve the issuance of bonds by the authority upon receipt of written request for approval from the board. The written request must state all of the following:

(1) The authority has conducted a public hearing, with appropriate public notice, concerning the purposes for which the bonds are to be issued.

(2) A description of the project or projects to be financed.

(3) A description of the method of financing the project or projects.

(4) A summary of the comments made and questions posed at the public hearing.